Total revenues from continuing operations were US$ 9.8 million (2015: US$ 21.4 million), down by 54.2% due to the business restructuring of Trader Media East Limited (the “Company” or “TME”) and its subsidiaries (together, the “Group”) as well as the exchange rate volatility in the countries the Group operates. In local currency terms total revenues decreased by 42.0%.

We define the Adjusted EBITDA as net profit from continuing operations before financial income, financial expense, income tax (expense)/ benefit, depreciation and amortisation, provision for doubtful receivables and other receivables, impairment charges and certain other non-recurring gains and losses and Adjusted EBITDA margin as the ratio of Adjusted EBITDA to revenues.

We define the Operations EBITDA (or operating profit before certain expenses) as Adjusted EBITDA before management service expenses or corporate costs, and Operations EBITDA margin as the ratio of Operations EBITDA to revenues.

Consolidated Revenues

The revenues were lower compared to 2015 due to Group’s business restructuring that involved franchising out printing operations in the Russian Federation, sale and/or liquidation of the Group’s
regional offices as well economic reasons that included significant deterioration of the economic
environment in the Russian Federation, Kazakhstan and the Republic of Belarus.

The decrease in offline revenues was US$ 6.5 million or 65.7%, from US$ 9.9 million in 2015 down to
US$ 3.4 million in 2016. Moscow operations include LLC Pronto Media Holding and LLC ID Impress
Media.

The decrease in online revenues was US$ 5.1 million or 44.3% from US$ 11.5 million in 2015 down to
US$ 6.4 million.

Adjusted EBITDA and Operations EBITDA

The Operations EBITDA increased from US$ (5.4) million in 2015 to US$ (3.0) million in 2016, by 44.4%.

The Adjusted EBITDA increased from US$ (5.9) million in 2015 to US$ (3.8) million in 2016, by 35.6%.

Offline Adjusted EBITDA decreased from US$ (1.6) million in 2015 to US$ (0.6) million in 2016.

In Moscow, the Adjusted EBITDA increased by 55.2% despite the decline in the revenues by 42.3%, mainly due to the cost savings achieved by 45.9%. In other regions in the Russian Federation, the Adjusted EBITDA increased by 55.0% in a climate where the revenues fell by 60.6%, whereas the impact of cost savings was 55.3%.

Online Adjusted EBITDA increased from US$ (4.3) million in 2015 to US$ (3.2) million in 2016.

Share of online revenues amounted to 65.3% of total revenues in 2016. It has increased compared to the share of online revenues of 53.7% in 2015.